The Changing Face of Cyber Claims

At the invitation of global experts in insurance broking and risk management, Marsh, and IT consultants, Wavestone, CMS has contributed to The Changing Face of Cyber Claims study which looks at practical ways to manage and mitigate cyber risk and claims. 

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Organisations increasingly see cyber insurance as a reliable and cost-effective way to transfer the financial risks they face from the expanded use of data and technology in business operations. These include losses and expenses associated with a growing range of cyber perils, such as malicious attacks, privacy breaches, and accidental events.

Cyber policies and cybersecurity should be seen as complementary: While the insurance indemnifies the financial impact, cybersecurity manages the frequency of attack by, for example, keeping malware out of an organisation’s IT system. Over the years, there have also been developments in assistance and prevention services relating to cyber incident management, including IT forensic support, cyberextortion negotiation experts, and data monitoring support.

In Continental Europe, the cyber insurance market is maturing and the rate of cyber insurance purchasing is increasing rapidly. As we see more claims triggered under these policies, the opportunity to learn about the landscape increases — not only in claims management, but also in incident management — and prevention.

Download the report to read about:

• Cyber claim trends
• Cyber incident phases
• Cyber incident response
• Incident management
• Data privacy breaches
• Claims management

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How CMS can support you

A huge amount of data is generated through interacting with digital technologies which can be quickly processed, giving the holder of the data significant abilities to assess and predict behaviours of broad or segmented groups of people and individuals. CMS advises on the full spectrum of data privacy issues – from compliance and 24/7 cyber breach response, to defending against regulators and class actions. We offer a number of tools like the Breach Assistant app and Enforcement Tracker of fines issued under the GDPR.

Please get in touch if you would like to talk.

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